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  • Company tax and imputation: average franking credit and rebate yields

    This document provides monthly franking credit and rebate yields on a share portfolio comprising the All Ordinaries index. Yields for each month generally become available by the middle of the following month. The yields are calculated with the assistance of rating agency Standard & Poor's.

    You can use these yields if you made an election under former section 160APHR of the Income Tax Assessment Act 1936 (ITAA 1936). This means you:

    • are a qualified person for the purposes of Division 1A of the former Part IIIA of the ITAA 1936
    • will not be denied a franking credit or tax offset under paragraph 207-145(1)(a) of the Income Tax Assessment Act 1997.

    Note: Under the simplified imputation system, applying from 1 July 2002, franking accounts are expressed in dollars of tax paid, rather than the corresponding taxable income. From this time, average franking credit yield equals average franking rebate yield.

    Example

    The yields for the 12 months to 30 June 1999 are:

    • average dividend yield: 3.65%
    • average franking rebate yield: 1.44%
    • average franking credit yield: 1.44% × (64 ÷ 36) = 2.56%.
    End of example

    See also:

    • TD 2007/11 Income tax: imputation: franked distributions: qualified persons: does an entity have to be a qualified person within the meaning of Division 1A of former Part IIIAA of the Income Tax Assessment Act 1936

    List of yields

    2019 yields

    For the months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    30 April

    4.23%

    1.38%

    31 March

    4.25%

    1.39%

    28 February

    4.22%

    1.39%

    31 January

    4.16%

    1.35%

    2018 yields

    For the months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.15%

    1.35%

    30 November

    4.11%

    1.34%

    31 October

    4.11%

    1.34%

    30 September

    4.10%

    1.34%

    31 August

    4.13%

    1.35%

    31 July

    4.11%

    1.34%

    30 June

    4.15%

    1.35%

    31 May

    4.16%

    1.36%

    30 April

    4.18%

    1.36%

    31 March

    4.18%

    1.36%

    28 February

    4.29%

    1.39%

    31 January

    4.19%

    1.36%

    2017 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.22%

    1.37%

    30 November

    4.24%

    1.38%

    31 October

    4.26%

    1.39%

    29 September

    4.30%

    1.40%

    31 August

    4.17%

    1.35%

    31 July

    4.12%

    1.33%

    30 June

    4.14%

    1.33%

    31 May

    4.15%

    1.33%

    28 April

    4.16%

    1.35%

    31 March

    4.21%

    1.36%

    28 February

    4.11%

    1.33%

    31 January

    4.18%

    1.35%

    2016 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.23

    1.37

    30 November

    4.24

    1.38

    31 October

    4.28

    1.39

    30 September

    4.30

    1.40

    31 August

    4.46

    1.47

    29 July

    4.57

    1.50

    30 June

    4.57

    1.50

    31 May

    4.54

    1.50

    29 April

    4.50

    1.49

    31 March

    4.46

    1.47

    29 February

    4.48

    1.48

    29 January

    4.53

    1.51

    2015 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.51

    1.50

    30 November

    4.52

    1.51

    31 October

    4.46

    1.49

    30 September

    4.46

    1.48

    31 August

    4.43

    1.47

    31 July

    4.29

    1.44

    30 June

    4.31

    1.45

    29 May

    4.37

    1.45

    30 April

    4.36

    1.45

    31 March

    4.39

    1.46

    27 February

    4.26

    1.41

    30 January

    4.29

    1.42

    2014 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.30

    1.43

    28 November

    4.27

    1.43

    31 October

    4.27

    1.43

    30 September

    4.28

    1.43

    30 August

    4.22

    1.42

    31 July

    4.28

    1.41

    30 June

    4.32

    1.43

    31 May

    4.27

    1.45

    30 April

    4.27

    1.44

    31 March

    4.29

    1.45

    28 February

    4.31

    1.46

    31 January

    4.18

    1.41

    2013 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.23

    1.43

    29 November

    4.24

    1.44

    31 October

    4.25

    1.44

    30 September

    4.32

    1.45

    30 August

    4.27

    1.42

    31 July

    4.35

    1.44

    28 June

    4.42

    1.47

    31 May

    4.45

    1.48

    30 April

    4.46

    1.48

    28 March

    4.51

    1.49

    28 February

    4.39

    1.42

    31 January

    4.61

    1.50

    2012 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.65

    1.52

    30 November

    4.66

    1.53

    31 October

    4.63

    1.52

    28 September

    4.65

    1.54

    31 August

    4.71

    1.54

    31 July

    4.67

    1.51

    29 June

    4.62

    1.50

    31 May

    4.72

    1.55

    30 April

    4.48

    1.45

    30 March

    4.43

    1.43

    29 February

    4.57

    1.48

    31 January

    4.34

    1.39

    2011 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.29

    1.37

    30 November

    4.23

    1.35

    31 October

    4.15

    1.32

    30 September

    4.17

    1.33

    31 August

    4.10

    1.31

    29 July

    4.03

    1.29

    30 June

    4.03

    1.29

    31 May

    4.01

    1.28

    29 April

    3.97

    1.26

    31 March

    3.97

    1.26

    28 February

    4.02

    1.23

    31 January

    3.96

    1.21

    2010 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    3.96

    1.21

    30 November

    3.96

    1.21

    29 October

    3.89

    1.18

    30 September

    3.87

    1.17

    31 August

    3.66

    1.10

    30 July

    3.72

    1.06

    30 June

    3.77

    1.07

    31 May

    3.84

    1.08

    30 April

    3.82

    1.08

    31 March

    3.93

    1.11

    26 February

    4.01

    1.18

    29 January

    4.16

    1.27

    2009 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.29

    1.31

    30 November

    4.5

    1.36

    30 October

    4.64

    1.42

    30 September

    4.78

    1.45

    31 August

    5.19

    1.61

    31 July

    5.06

    1.64

    30 June

    5.00

    1.61

    29 May

    4.96

    1.54

    30 April

    5.01

    1.57

    31 March

    4.90

    1.54

    28 February

    4.79

    1.50

    31 January

    4.65

    1.43

    2008 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.53

    1.40

    30 November

    4.45

    1.34

    31 October

    4.28

    1.30

    30 September

    4.12

    1.25

    31 August

    3.93

    1.18

    31 July

    3.89

    1.16

    30 June

    3.81

    1.14

    31 May

    3.90

    1.18

    30 April

    3.73

    1.12

    31 March

    3.68

    1.11

    28 February

    3.64

    1.10

    31 January

    3.57

    1.09

    2007 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    3.56

    1.08

    30 November

    3.57

    1.10

    31 October

    3.59

    1.09

    30 September

    3.71

    1.13

    31 August

    3.81

    1.18

    31 July

    3.74

    1.17

    30 June

    3.83

    1.20

    31 May

    3.96

    1.26

    30 April

    3.97

    1.25

    31 March

    4.03

    1.27

    28 February

    3.98

    1.26

    31 January

    4.07

    1.30

    2006 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    29 December

    4.14

    1.32

    30 November

    4.18

    1.36

    31 October

    4.23

    1.37

    30 September

    4.27

    1.38

    31 August

    4.32

    1.40

    31 July

    4.23

    1.37

    30 June

    4.27

    1.38

    31 May

    4.15

    1.38

    28 April

    4.19

    1.39

    31 March

    4.26

    1.41

    28 February

    4.35

    1.45

    31 January

    4.15

    1.33

    2005 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    30 December

    4.19

    1.34

    30 November

    4.10

    1.33

    31 October

    4.05

    1.31

    30 September

    4.09

    1.33

    31 August

    3.96

    1.28

    29 July

    3.87

    1.26

    30 June

    4.04

    1.30

    31 May

    3.99

    1.33

    29 April

    4.02

    1.32

    31 March

    4.13

    1.36

    28 February

    4.13

    1.35

    31 January

    3.90

    1.27

    2004 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    3.98

    1.30

    30 November

    4.03

    1.34

    29 October

    4.03

    1.35

    30 September

    4.11

    1.36

    31 August

    4.17

    1.37

    30 July

    3.96

    1.32

    30 June

    3.93

    1.69

    31 May

    3.97

    1.71

    30 April

    4.03

    1.74

    31 March

    4.03

    1.75

    27 February

    4.18

    1.80

    30 January

    4.13

    1.78

    2003 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.17

    1.81

    28 November

    4.12

    1.79

    31 October

    4.05

    1.75

    30 September

    4.22

    1.27

    29 August

    4.63

    1.91

    31 July

    4.21

    1.71

    30 June

    4.18

    1.32

    30 May

    4.10

    1.31

    30 April

    4.00

    1.28

    31 March

    4.02

    1.28

    28 February

    3.80

    1.22

    31 January

    3.70

    1.19

    2002 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    3.70

    1.19

    30 November

    3.66

    1.19

    31 October

    3.71

    1.18

    30 September

    2.93

    1.13

    31 August

    3.40

    1.16

    31 July

    3.31

    1.14

    30 June

    3.34

    1.12

    31 May

    3.34

    1.16

    30 April

    3.41

    1.19

    31 March

    3.45

    1.22

    28 February

    3.42

    1.25

    31 January

    3.44

    1.28

    2001 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    3.47

    1.29

    30 November

    3.48

    1.30

    31 October

    3.54

    1.37

    30 September

    3.70

    1.48

    31 August

    3.91

    1.51

    31 July

    3.73

    1.46

    30 June

    3.74

    1.46

    31 May

    3.70

    1.41

    30 April

    3.68

    1.40

    31 March

    3.39

    1.33

    28 February

    3.37

    1.31

    31 January

    3.42

    1.34

    2000 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    3.45

    1.35

    30 November

    3.51

    1.35

    31 October

    3.27

    1.21

    30 September

    3.46

    1.26

    31 August

    3.38

    1.16

    31 July

    3.47

    1.20

    30 June

    3.54

    1.22

    31 May

    3.51

    1.25

    30 April

    3.53

    1.26

    31 March

    3.59

    1.27

    29 February

    3.63

    1.33

    31 January

    3.58

    1.29

    1999 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    3.61

    1.31

    30 November

    3.63

    1.34

    31 October

    3.67

    1.35

    30 September

    3.66

    1.38

    31 August

    3.58

    1.41

    31 July

    3.61

    1.41

    30 June

    3.65

    1.44

    31 May

    3.65

    1.44

    30 April

    3.71

    1.42

    31 March

    3.78

    1.46

    28 February

    3.65

    1.31

    31 January

    3.69

    1.40

    1998 yields

    For the 12 months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    3.73

    1.41

    30 November

    3.91

    1.57

    31 October

    3.81

    1.56

    30 September

    3.88

    1.58

    31 August

    3.74

    1.52

    31 July

    3.73

    1.52

    30 June

    3.74

    1.52

    Last modified: 15 May 2019QC 16139